Blockchain Is No Longer Replacing Wall Street, It Is Becoming Wall Street's New Pipeline
- In Q2 2026, total DeFi deposits fell about 15% year-over-year, while on-chain real-world asset deposits soared over 200%.
- Total DEX spot trading volume plummeted about 70% year-over-year, contrasting with a 220% growth in RWA spot trading volume.
- The decline in DeFi is attributed to a downcycle in BTC prices and a series of hacking incidents, leading to a loss of confidence.
- Tokenized U.S. Treasuries have become a significant component of RWA deposits, with BlackRock controlling about 40% of the market.
- RWA perpetual contracts saw a quarterly trading volume increase from $12.37 billion to $202.7 billion in just six months.
A report by CoinShares and Token Terminal highlights a significant shift in the crypto finance landscape. In Q2 2026, total DeFi deposits decreased by approximately 15% year-over-year, while deposits in on-chain real-world assets (RWA) surged over 200%, indicating a growing preference for traditional financial assets in the crypto space.
The total trading volume on decentralized exchanges (DEX) fell by about 70% year-over-year, contrasting sharply with a 220% increase in RWA trading volume. This divergence suggests that while the crypto-native DeFi sector is contracting, interest in tokenized traditional assets is expanding rapidly.
The report also notes that tokenized U.S. Treasuries have become a key component of RWA deposits, with BlackRock emerging as a major player in this market. The rise of RWA perpetual contracts has been particularly notable, with trading volumes skyrocketing from $12.37 billion to $202.7 billion in just six months, reflecting a significant shift towards traditional financial instruments in the on-chain trading environment.
区块链不再取代华尔街，而是成为华尔街的新管道
CoinShares和Token Terminal的报告突显了加密金融领域的重大变化。2026年第二季度，DeFi总存款同比下降约15%，而链上真实世界资产（RWA）存款激增超过200%，表明在加密领域中对传统金融资产的偏好日益增长。
去中心化交易所（DEX）的总交易量同比下降约70%，与RWA交易量的220%增长形成鲜明对比。这一差异表明，尽管加密原生DeFi行业正在收缩，但对代币化传统资产的兴趣正在迅速扩大。
报告还指出，代币化美国国债已成为RWA存款的关键组成部分，贝莱德在这一市场中崭露头角。RWA永续合约的交易量尤为显著，在短短六个月内从123.7亿美元飙升至202.7亿美元，反映出在链上交易环境中向传统金融工具的重大转变。